Magazine article Journal of Property Management
Follow the Code: IREM Ethical Guidelines Offer Advantages to Members
In today's business world, ethical behavior has increasingly become more important and more visible. We now see corporations, organizations, and various levels of state, county and city municipalities adopting ethics programs and moral codes.
The Institute of Real Estate Management is built on an ethical foundation. As an IREM Member, you subscribe to a code of ethics that is vigorously enforced. The code is a point of pride for our organization, and those who follow it are well respected in the real estate industry.
Many of us manage properties with high monetary values attached. Similarly, we regularly deal with budgets and incomes in the same range. The properties and money are not a manager's only responsibilities either. We also carry the burden of decisions regarding operations, conditions and people.
With so many responsibilities and so many decisions to make, having a set of ethical guidelines at your fingertips is not only resourceful, it can be the difference between a career-making and career-breaking decision.
The world of real estate is constantly evolving. As it expands and changes, the world of regulations can hardly keep up. For example, one of the fastest growing segments of property management today is the management of common interest developments, which include condominiums, planned unit developments and cooperatives.
Since this is a relatively new area, many jurisdictions have no statutes as to the licensing or oversight of common interest development managers. The departments of real estate in most jurisdictions have said that a real estate license is not required because the manager is not managing real estate--the manager is managing a corporation. …